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Besides trading with my personal money I am a technical analyst in a mutual fund which has Rs. At my leisure, I love attending live music, traveling, and partying with friends. Save my name, email, and website in this browser for the next time I comment. Contents hide. Share on:. People are also reading Arun Lama I have been actively trading stocks and currencies since April Risk Warning Trading in the forex market is very risky. Thus, it is may not be for everyone. A highly leveraged position can work against the trader when the trade does not work as expected.
Trading in the forex market can cause to lose a significant portion of the capital or all of the capital. It is crucial to learn about the trading and gain enough experience in the demo account before trading with real money. The trading strategies published on this website do not guarantee profit as the market is dynamic and unpredictable.
This indicator should be used together with my other indicator: The classic Turtle Trading Indicator , to represent the same period or the failsafe trading system and get further signals if you have been stopped out. Both indicators implement trading alerts, enable or disable them at will depending on your trading setup. To trade exactly like the turtles did, you need to set up two indicators representing the main and the failsafe system.
The turtles had a progressive position sizing approach that boosted their winnings. Once a trading decision has been made you should The turtles had very strict money management too. A set of scripts to install and work with Gann fan. Custom fan has correct angles and is scale insensitive.
Please enable the necessary setting in your browser, otherwise you will not be able to log in. Examples: Buy a day breakout and close the trade when price action reaches a 5-day low.
The two systems work together and complement one another. New trends often get underway after a breakout of some kind. A breakout is simply where the price starts to move strongly in a new direction, moving outside of an established range , and breaking new highs or new lows. It aims to build the position at the earliest stages, as a new trend is just forming.
The purpose of this is to enter trends that are more established than would be indicated by those on a shorter time frame. The slow breakout signal also allows for greater retracements of the trend than the fast breakout system does. This allows it to stay in strong trends, for longer. An example of a day breakout is shown in Figure 1. The turtle system triggers a buy entry which is marked on the chart with a blue rectangle. The trigger happens because the price breaks out of a day range and makes a new high.
This happens at the candle marked with the blue arrow. Following on the trend rises further and at the green arrow the first accumulate signal is triggered. This triggers another buy order. Another accumulate signal is triggered at 1x N because the price continues to rise in the direction of profit. At this point the total size of the position is 3 units and the average entry price is 1.
After the third unit is added, the trend starts to pull down again. The average price paid for the 3 units is 1. On the candle marked with the red close arrow the price descends to 1. The value of N at this point is 65 pips so this triggers a stop loss because the price is now more than 2x N pips below the last entry price of 1.
Using trailing stops: The turtles used trailing stops whenever adding units to a position. This had two effects. The first was to lock in profits on earlier trades and the second was to limit downside risks on later ones. The stops for all units would typically be placed at 2x N from the last entry price where the order was filled. So for example if the last position was filled at price 1. According to the turtle rules, a day breakout is only traded on when the previous breakout failed.
Therefore, since this one ended with a stop loss, this next breakout would be traded rather than skipped. The slow breakouts are similar to the fast breakouts but are triggered when longer and more substantial trends might be starting. Unlike the fast breakouts, the day breakouts are traded on every signal. The day breakout on the other hand will only trigger if the previous one failed as was the case above.
To start the position we buy 1 unit at 1. Keep in mind that N can change over time. So for example at 1. This brings the total to 2 units with an average entry price of 1. MetaTrader Filter Indicators. BUY Rules. SELL Rules. Leave a Reply Cancel reply Your email address will not be published.